Dr Reddy’s Labs
BSE SENSEX
27,977
S&P CNX
8,591
1QFY17 Results Update | Sector: Healthcare
26 July 2016
CMP: INR3,323
TP: INR3,000 (-8%)
Neutral
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Bloomberg
Equity Shares (m)
M.Cap.(INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INR m
DRRD IN
170.4
566.2 / 8.4
4,383/ 2,750
-1/-2/-14
1,834
Financials & Valuations (INR b)
2016 2017E
Y/E Mar
Sales
154.7 156.1
EBITDA
39.1 35.9
Net Profit
22.6 21.3
Adj. EPS (INR)
132.3 124.7
EPS Gr. (%)
1.7
-5.8
BV/Sh. (INR)
752
857
RoE (%)
18.8 15.5
RoCE (%)
13.9 12.0
Payout (%)
17.6 17.6
Div. Yield (%)
0.5
0.6
2018E
183.3
45.8
28.4
166.8
33.8
1,002
17.9
14.6
17.6
0.8
Estimate change
TP change
Rating change
Quarterly Performance
Y/E March
Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Amortization
Other Income
Profit before Tax
Tax
Rate (%)
Reported PAT
Adjusted PAT
YoY Change (%)
Margins (%)
E: MOSL Estimates
1Q
37,578
6.8
27,723
9,855
26.2
2,268
390
7,977
1,721
21.6
6,256
6,256
13.7
16.6
Pricing pressure in US and high remediation cost take toll on margins
Operating performance significantly below estimates:
Dr. Reddy’s
Laboratories (DRRD) reported weak 1QFY17 sales of INR32.3b (down ~14% YoY,
17% below estimates) with EBITDA margin of 11.7% (v/s 26.2% in 1QFY16 and
MOSL estimate of 21.5%). This significant miss can largely be attributed to: 1)
decline in the US, EM and PSAI sales, 2) higher remediation cost and 3) cost
related to the launch of 505 (b)(2) products.
Competitive pressure in US led to steep decline; recovery expected in 2H:
US
sales for DRRD declined to USD237m in 1Q (v/s ~USD285m in 4QFY16).
Although large part of this decline is attributed to pricing pressure in key
products like Valcyte and Vidaza, we believe even its base business would have
seen competitive pressure. New competition in Imitrex in 2Q should put
additional pressure in the coming quarters. DRRD expects a recovery in sales in
2HFY17, driven by key approvals, including Gleevec.
EM declined due to currency pressure and zero Venezuela sales:
EM sales
declined 26% YoY in INR terms. Russia (accounts for >50% of EM) grew ~23%
YoY in constant currency (INR growth: ~2% YoY). Although the ROW business
declined ~53% YoY, ex-Venezuela it delivered growth of ~19% YoY.
Management expects the Russia business to deliver strong growth going
forward as key tenders are due in 2HFY17.
Key call takeaways:
(1) Remediation process almost over; DRRD plans to meet
US FDA in 2Q to invite for re-inspection. (2) Incurred remediation cost of
USD16m in 1Q, which should substantially come down from 2QFY17. (3)
Manufacturing contract (annualized revenues of USD25m) with third party
getting over in 2Q, which should lead to lower US sales.
Positives still some time away; maintain Neutral:
Although long-term
fundamentals remain intact, the stock will remain range bound in the near
term due to regulatory concerns and pricing pressure in the US. We
maintain
Neutral
with a TP of INR3,000 @ 18x FY18E PER (v/s INR3,200
@18x FY18E PER). We cut our FY17E/18E EPS by 15%/6% as we assume lower
US sales and margins due to higher competition in key products.
(INR Million)
FY17
2QE
3QE
38,128 41,047
-4.4
3.4
29,816 31,689
8,312
9,359
21.8
22.8
2,500
2,500
665
515
6,477
7,374
1,457
1,696
22.5
23.0
5,020
5,678
5,020
5,678
-30.5
-2.0
13.2
13.8
FY16
FY17E
Estimates
1QE
% Var
38,951
-17.0
3.7
30,577
8,374
-54.9
21.5
2,450
560
6,484
-73.7
1,459
22.5
5,025
5,025
-74.9
-19.7
12.9
FY16
2Q
3Q
39,890 39,679
11.2
3.2
28,486 29,646
11,404 10,033
28.6
25.3
2,466
2,577
160
124
9,098
7,580
1,879
1,788
20.7
23.6
7,219
5,792
7,219
5,792
25.7
0.8
18.1
14.6
4Q
37,562
-3.0
29,313
8,249
22.0
3,032
-2,732
2,484
1,739
70.0
745
3,762
-27.5
10.0
1Q
32,345
-13.9
28,572
3,773
11.7
2,681
615
1,707
444
26.0
1,263
1,263
-79.8
3.9
4QE
44,245 154,708 156,080
17.8
4.4
0.9
30,105 115,620 120,182
14,140 39,088 35,898
32.0
25.3
23.0
3,245 10,343 10,926
131
-1,605
1,926
11,027 27,139 26,898
2,051
7,127
5,649
18.6
26.3
21.0
8,975 20,012 21,249
8,975 20,012 21,249
138.6
-9.8
6.2
20.3
12.9
13.6
Kumar Saurabh
(Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Dr Reddy’s Labs
Business highlights
1Q Revenues declined 14%YoY to INR32.3b due to increased competition, price
erosion and delay in launches in US market (down ~USD50m sequentially) and loss
of business in Venezuela. PSAI business declined 16%YoY to INR4.7b and Innovator
product segment posted 1%YoY growth in 1Q.
North America (48% of sales):
In 1Q, on constant currency basis, DRRD
declined to USD237m (~USD285m in 4Q FY16) due to increased competition,
price erosion and delay in launches. New competition in Imitrex in 2Q should
put additional pressure in coming quarters. DRRD expects recovery in sales in 2H
FY17 driven by key approvals including Gleevec.
Exhibit 1: Resilient US biz fell 21%YoY (in dollar terms)
US sales (USD m)
One-off sales (USD m)
Exhibit 2: ANDA filings - quarterly trend
9
5
ANDA approval
ANDA filed
6
4
2
2
2
11
0
1
2
1
3
0
3
275
236
266
279
292
286
299
285
237
22
3
Source: Company, MOSL
Source: Company, MOSL
India (16% of sales):
Revenue from India was Rs5.2b with growth YoY10%.
India business delivered weakest QoQ growth in the last 8 quarters on account
of NPPA pricing notifications and WPI based annual price decline. The company
has successfully integrated UCB brands.
Exhibit 3: India formulation sales …
India form. (INR m)
YoY growth (%)
34.1
17.8
14.5
14.1
10.6
4,744
15.7
18.9
5,805
13.9
11.0
5,267
5,223
3,999
4,799
4,328
4,756
5,464
Source: Company, MOSL
RoW sales including Russia/CIS (12% of sales):
Revenue in Russia were at
INR2.3bYoY (growth of 2% YoY in INR terms). Moderate growth witnessed on
account of depreciation of Ruble. In constant currency revenues grew by 23%YoY.
Decline in RoW sales is also contributed by Venezuela; DRRD has stopped supplying
to Venezuela due to repatriation issues.
26 July 2016
2

Dr Reddy’s Labs
Europe (5% of sales):
DRRD registered 16%YoY decline in Europe sales at
INR1.6b. The company is expected to launch more products in coming quarters.
Margins hit by remediation cost and increased competition in US:
1Q
EBITDA margins at 11.7% were 10% below our expectations (21.5) due to
increased remediation cost of USD16m in 1Q and steep decline in US sales due
to new competition in key products including Valcyte (quarterly impact of
~USD20m on sales) and Vidaza.
Exhibit 5: EBITDA Margin (%)
Gross margin (%)
61.3
59.5
56.6
56.2
23.2
22.7
EBITDA (INR b)
23.2
26.2
21.3
Exhibit 4: Gross Margin (%)
Gross profit (INR b)
59.3
61.1
58.5
58.2
54.8
21
21
22
21
23
24
24
EBITDA margin (%)
28.6
25.3
22.0
11.7
21
18.1
8
8
9
8
10
11
10
8
3.7
Source: Company, MOSL
Source: Company, MOSL
Declining gross margins:
Overall gross margins at 56.2% (down 7%YoY) were
driven by poor volumes growth and pricing pressures and loss of business in
Venezuela. Gross margins for Global generics and PSAI segment stood at 61.3%
and 24.1%, respectively in FY16.
Exhibit 6: Gross margin quarterly trend (Segment wise)
Global generics (%)
67
66
66
63
68
PSAI (%)
67
65.6
66.3
61.3
22
27
17
23
24
26
17.4
20.4
24.1
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
17-Jun
Source: Company, MOSL
R&D spends has remained static from last quarter:
R&D expense was at
14.8% of sales at INR 4.8b v/s 13% of sales in 4QFY16. R&D expense is expected
to remain at higher level due to strong product pipeline of complex generics,
Biosimilars and Proprietary products. The company plans to spend ~USD20-25m
on 2 NDA products in FY17. DRRD spends 12-15% of their total R&D on
Biosimilar research.
26 July 2016
3

Dr Reddy’s Labs
Exhibit 7: R&D spend remained more or less static
R&D cost (INR b)
11.0
11.5
11.2
13.3
11.7
R&D / sales (%)
11.2
13.0
14.8
10.3
4.1
3.9
4.1
4.3
5.1
4.4
4.5
4.9
4.8
Source: Company, MOSL
Derivative hedges
stand at stand at USD228m at INR66-71.1/USD, while
balance sheet hedges are at USD191m. Cash flow hedges in other currencies
stood at – RUB825m at INR0.99/RUB and EURO4.5m at 75-80/EUR (maturing
over next 12 months).
Remediation activities:
The remediation work is almost over and DRRD has
incurred ~USD36m in last two quarters on this. This cost should significantly
come down going forward.
26 July 2016
4

Dr Reddy’s Labs
Operating metrics
Exhibit 8: Key operating metrics
1Q
Revenue Mix (%)
US
India
Europe
Russia
Others
PSAI
Innovative products
38.2
12.3
5.5
15.8
5.2
20.6
2.4
FY14
2Q
3Q
39.4
12.5
5.2
16.4
5.4
19.1
1.9
16.5
42.9
8.5
-0.9
43.6
36.2
-18.7
-24.8
74.8
42.0
23.8
9.0
10.3
45.9
11.1
5.3
15.0
5.9
14.3
2.5
23.3
75.5
5.2
-3.6
20.9
35.1
-29.0
26.4
71.0
39.5
23.1
8.4
29.0
4Q
43.0
11.8
5.1
13.0
5.6
19.1
2.4
4.2
31.1
17.8
-3.1
0.0
48.3
-34.7
28.5
78.2
42.8
24.0
11.4
20.6
1Q
46.8
11.4
4.1
13.8
6.3
15.7
1.8
23.6
51.5
14.5
-7.2
8.3
50.0
-5.6
-6.6
76.8
40.7
25.0
11.0
21.5
FY15
2Q
3Q
39.8
13.4
4.0
13.4
9.9
17.8
1.7
6.9
7.9
14.1
-18.6
-13.0
94.8
-0.2
-1.0
77.3
41.5
24.3
11.5
17.2
42.8
11.3
4.4
12.4
10.6
15.9
2.6
8.8
1.5
10.6
-8.6
-10.0
94.0
20.7
11.8
76.8
41.8
23.7
11.2
30.7
4Q
44.3
12.3
6.0
8.5
9.0
19.2
0.8
11.2
14.6
15.7
32.0
-27.2
76.8
11.7
-65.2
78.7
45.2
20.3
13.3
12.5
1Q
49.3
12.7
5.1
8.2
7.2
14.9
2.7
6.8
12.4
18.9
31.0
-36.7
21.9
1.4
58.2
73.8
38.9
23.2
11.7
21.6
FY16
2Q
46.5
13.7
5.3
9.8
6.8
14.8
3.0
11.2
29.9
13.9
48.1
-18.4
-23.8
-7.4
94.8
71.4
38.7
21.5
11.2
20.7
3Q
48.9
14.6
4.9
9.2
7.0
12.8
2.6
3.2
18.0
34.1
13.8
-23.8
-32.1
-16.9
5.6
74.7
40.5
23.8
10.3
23.6
4Q
50.4
14.0
4.7
6.1
6.7
15.3
2.7
-3.0
10.5
11.0
-24.9
-30.7
-27.3
-22.3
245.3
78.0
43.4
21.7
13.0
70.0
FY17
1Q
48.0
16.1
5.0
9.2
4.0
14.5
3.1
-13.9
-16.2
9.8
-15.5
-3.3
-51.9
-16.4
1.2
88.3
43.8
29.7
14.8
26.0
Revenue Gr. (%)
12.0
US
37.3
India
0.3
Europe
-27.8
Russia
7.7
Others
12.0
PSAI
6.2
Innovative products -16.5
Cost on sales (%)
Raw material
SG&A
R&D cost
Tax Rate
Margins (%)
Gross Margins
EBITDA Margins
EBIT Margins
PAT margins
81.0
43.3
29.2
8.5
12.8
56.7
19.0
13.3
12.7
58.0
25.2
20.0
20.6
60.5
29.0
24.0
16.1
57.2
21.8
16.2
13.9
59.3
23.2
17.9
15.6
58.5
22.7
17.3
16.0
58.2
23.2
17.9
16.3
54.8
21.3
15.5
13.7
61.1
26.2
20.2
16.6
61.3
28.6
22.4
18.1
59.5
25.3
18.8
14.6
56.6
22.0
13.9
10.0
56.2
11.7
3.4
3.9
Source: Company; MOSL
26 July 2016
5

Dr Reddy’s Labs
Valuation and view
We value DRRD at 18x FY18E EPS, at 10% discount to sector average (one-year
forward P/E) and at 20-25% discount to large peers due to:
With weak earnings growth of 10% CAGR (>20% for larger peers)
Weak return ratios (RoE at 15-16%)
Low visibility on launches due to recent warning letters to three plants.
Key catalysts to drive stock’s performance over the medium term are:
Stabilisation of emerging market economies/currency, mainly Russia/CIS (12% of
sales).
Clearance of warning letters for three facilities
Launch of key products like gCopaxone, gGleevec, etc
Key risks to our investment thesis
Regulatory delays affecting key US launches,
Adverse outcome of pending FDA issues (API facility)
Further depreciation of Russian currency. Every 10% depreciation of Rouble
hereon (vs USD) leads to 2% downgrade in EPS estimate (annualized).
Exhibit 10: DRRD trades at 44% premium to Sensex PE
300
200
22.2
21.4
23.5
14.2
100
0
-100
Exhibit 9: DRRD trades at 20% premium to 10 year avg. PE
60
40
20
0
Negative
Earnings
Cycle
PE (x)
Median(x)
Peak(x)
Min(x)
Avg(x)
48.2
Dr Reddy’ s Labs PE Relative to Sensex PE (%)
LPA (%)
Negative
Earnings
Cycle
27.8
44.9
Source: Company, MOSL
Source: Company, MOSL
26 July 2016
6

Dr Reddy’s Labs
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
Other Income
EBITDA
Change (%)
Margin (%)
Depreciation & Amort.
EBIT
Int. and Finance Charges
Net Interest Exp
Forex (Gains)/Losses
PBT & EO Expense
Change (%)
PBT after EO Expense
Tax
Tax Rate (%)
Reported PAT
Adjusted Net Profit
Change (%)
Margin (%)
2012
96,738
29.5
1,669
23,742
51.6
24.5
6,254
17,488
0
690
0
18,467
48.4
18,467
4,204
22.8
14,263
12,428
12.0
12.8
2013
116,266
20.2
2,904
24,763
4.3
21.3
6,237
18,526
0
118
-365
21,677
17.4
21,677
4,900
22.6
16,777
13,682
10.1
11.8
2014
132,171
13.7
1,753
31,699
28.0
24.0
7,085
24,614
0
79
-329
26,616
22.8
26,616
5,093
19.1
21,524
21,188
54.9
16.0
2015
148,189
12.1
2,871
33,472
5.6
22.6
8,103
25,369
0
77
0
28,163
5.8
28,163
5,984
21.2
22,179
22,179
4.7
15.0
2016
154,708
4.4
1,103
39,088
16.8
25.3
10,343
28,745
0
334
2,374
27,140
-3.6
27,140
7,127
26.3
20,013
22,577
1.8
14.6
(INR Million)
2017E
156,080
0.9
2,260
35,898
-8.2
23.0
10,926
24,973
0
334
0
26,899
-0.9
26,899
5,649
21.0
21,250
21,250
-5.9
13.6
2018E
183,310
17.4
2,480
45,827
27.7
25.0
11,549
34,279
0
309
0
36,450
35.5
36,450
8,019
22.0
28,431
28,431
33.8
15.5
Balance Sheet
Y/E March
Equity Share Capital
Reserves
Net Worth
Loans
Deferred Liabilities/Tax
Capital Employed
2012
848
56,596
57,444
32,210
-833
88,821
2013
849
72,256
73,105
36,678
-1,669
108,114
2014
851
89,950
90,801
44,742
-3,310
132,233
2015
852
110,450
111,302
43,126
-4,013
150,414
2016
853
127,483
128,336
33,513
-4,230
157,619
83,198
35,356
53,961
39,394
24,644
84,654
25,578
41,306
4,921
12,849
45,034
12,300
32,734
39,620
157,618
(INR Million)
2017E
852
145,221
146,073
33,403
-4,230
175,246
94,257
41,246
59,130
32,409
24,644
93,889
29,757
38,439
10,085
15,608
34,828
12,227
22,601
59,061
175,244
2018E
852
169,922
170,774
28,403
-4,230
194,947
105,317
47,653
63,783
32,409
24,645
113,675
34,096
45,145
14,270
20,164
39,565
14,010
25,555
74,109
194,946
Gross Block
44,064
52,958
63,444
72,011
Less: Accum. Deprn.
18,086
21,213
25,695
30,040
Net Fixed Assets
33,246
37,814
44,424
48,090
Investments
11,558
18,131
26,384
38,871
Goodwill/Intangibles
13,529
14,021
14,697
16,430
Curr. Assets
59,179
68,751
78,664
85,580
Inventory
19,352
21,600
23,992
25,529
Account Receivables
25,339
31,972
33,037
40,755
Cash and Bank Balance
7,379
5,136
8,451
5,394
Others
7,109
10,043
13,184
13,901
Curr. Liability & Prov.
28,691
30,603
31,936
38,556
Account Payables
9,502
11,862
10,503
10,660
Other Current Liabilities
19,189
18,741
21,433
27,896
Net Current Assets
30,488
38,148
46,728
47,024
Appl. of Funds
88,821
108,114
132,233
150,415
'E: MOSL Estimates; * IFRS reporting from FY09 onwards. Financials prior to FY09 are as per US GAAP
26 July 2016
7

Dr Reddy’s Labs
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
PEG (x)
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
ROIC
RoE
RoCE
Working Capital Ratios
Fixed Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Leverage Ratio
Debt/Equity (x)
0.50104
2012
73.3
110.2
338.7
13.7
19.1
0.52222
2013
80.6
117.3
430.5
13.8
16.3
2014
124.6
166.2
533.8
18.0
16.6
2015
130.2
177.7
653.2
20.0
17.9
25.5
5.5
5.1
3.8
16.9
0.6
22.5
24.0
17.7
2.3
96
73
0.6
20.3
21.0
14.7
2.4
100
68
0.5
23.5
25.9
16.6
2.3
91
66
0.5
20.9
21.9
14.2
2.2
100
63
0.4
2016
132.3
193.0
752.3
17.6
17.6
25.1
14
4.4
3.6
14.2
0.5
20.5
18.8
13.9
2.0
97
60
0.3
2017E
124.7
188.8
857.2
18.7
17.6
26.6
NA
3.9
3.6
15.5
0.6
16.9
15.5
12.0
1.8
90
70
0.2
2018E
166.8
234.6
1,002.2
25.0
17.6
19.9
0.6
3.3
3.0
12.0
0.8
19.9
17.9
14.6
1.8
90
68
0.2
Cash Flow Statement
Y/E March
Op. Profit/(Loss) before Tax
Interest/Dividends Recd.
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
Change in net worth
(Inc)/Dec in Debt
Other Items
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
(INR Million)
2012
23,742
979
-4,204
-4,768
15,749
-8,141
7,608
-10,936
-19,077
-90
8,707
-920
-2,719
4,978
1,650
5,729
7,379
2013
24,763
3,151
-4,900
-9,903
13,111
-11,297
1,814
-6,573
-17,870
1,620
4,468
-836
-2,736
2,516
-2,243
7,379
5,136
2014
31,699
2,003
-5,093
-5,265
23,344
-14,371
8,973
-8,253
-22,624
-247
8,064
-1,640
-3,581
2,596
3,315
5,136
8,451
2015
33,472
2,793
-5,984
-3,353
26,929
-13,502
13,427
-12,487
-25,989
2,302
-1,617
-704
-3,979
-3,998
-3,058
8,451
5,393
2016
39,088
-1,605
-7,127
6,931
37,287
-24,428
12,859
-523
-24,950
534
-9,613
-219
-3,512
-12,810
-474
5,394
4,921
2017E
35,898
1,926
-5,649
-14,277
17,898
-16,095
1,803
6,985
-9,110
216
-110
0
-3,729
-3,623
5,165
4,921
10,086
2018E
45,827
2,171
-8,019
-10,863
29,116
-16,202
12,914
0
-16,202
1,260
-5,000
0
-4,990
-8,729
4,185
10,085
14,270
26 July 2016
8

Dr Reddy’s Labs
Corporate profile
Company description
Dr. Reddy's is a vertically integrated company, with
presence across the pharmaceutical value chain
through its core businesses of Global Generics,
Pharmaceutical Services and Active Ingredients
(PSAI) and Proprietary Products. Company is
currently developing bio-generics and NCEs. Key
focus markets include India, the US, Europe and
Russia.
Source: MOSL/Bloomberg
Exhibit 1: Sensex rebased
Exhibit 2: Shareholding pattern (%)
Jun-16
Promoter
DII
FII
Others
26.4
5.8
52.3
15.6
Mar-16
25.6
6.0
36.0
32.4
Jun-15
25.5
5.9
54.8
13.8
Source: Capitaline
Exhibit 3: Top holders
Holder Name
Oppenheimer Developing Markets Fund
Natl.Westmin.Bank
Plc
As
Depos.Of
1st.Sta.Asia Pac.Leaders Fund A Sub Fund Of
1st.Sta.Invsts.Icvc
Franklin Templeton Investment Funds
Government Of Singapore
Teluk Kemang Investments (Mauritius) Ltd
% Holding
4.0
3.2
1.6
1.5
1.3
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Satish Reddy
G V Prasad
Sandeep Poddar
Designation
Chairman
Vice Chairman & MD & CEO
Company Secretary
Exhibit 5: Directors
Name
Satish Reddy
G V Prasad
Anupam Puri*
Ashok Sekhar Ganguly*
Bharat Doshi*
Bruce L A Carter*
Name
Hans Peter Hasler*
Kalpana Morparia*
Omkar Goswami*
Ravi Bhoothalingam*
Sridar Iyengar*
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
BSR & Co LLP
Type
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
MOSL
forecast
124.7
166.8
Consensus
forecast
141.4
170.8
Variation
(%)
-11.8
-2.3
Source: Bloomberg
FY17
FY18
Source: Capitaline
26 July 2016
9

PRODUCT GALLERY
Our recent reports on Dr Reddy’ s Labs
Our recent reports on Healthcare Sector
.
Our recent reports on other Healthcare companies

Dr Reddy’s Labs
NOTES
26 July 2016
11

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Served as an officer, director or employee
DR REDDY’S LABS
No
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